Channel 4 takes minority stake in VR startup Parable
Channel 4 has taken a minority stake in British virtual reality (VR) business Parable, the brainchild of David Wise, former programme director at The Garden Productions, and Nicholas Minter-Green, former president of Economist Films.
Parable co-founders David Wise and Nicholas Minter-Green
Parable, which launched this month, will create VR and 360° content across the entertainment, brand marketing and training sectors.
The company has already created two 360° documentaries for The Economist with watch manufacturer Blancpain, and is in advanced conversations with several major broadcasters and on-screen talent regarding upcoming projects for this year, Channel 4 said.
The investment comes from the broadcasters Indie Growth Fund, which was set up in 2014 to help grow UK-based creative companies. The latest investment forms part of the broadcaster’s ambition to realise the applications of VR in TV, and its wider use in education.
It’s a similar approach to the one taken by the BBC, which has been experimenting with the medium for the last year to identify the medium’s practical applications and how it can benefit the creative sector.
The global VR market is currently valued around £800m, according to Deloitte, and is expected to grow to nearly £100bn by 2020, according to a Digi-Capital report.
David Abraham, chief executive at Channel 4 said: “We’ve been watching the VR and AR markets with interest as they move away from their Silicon Valley roots and increasingly attract the attention of media owners and brands. Parable are storytellers first and foremost and present a great opportunity for our Indie Growth Fund to work with a talented team with a bold ambition to break into this exciting new sector.”
Nicholas Minter-Green added: “Blending our experience of brand activation and television will bring another type of studio to a hugely dynamic VR market place – we look forward to creating engaging narrative-driven experiences that capture the hearts and minds of a brand new audience.”
Other launch investors include Stephen Lambert, chief executive of Studio Lambert, who has been appointed chairman of Parable, and the global media group The Economist. The Economist deputy editor and tech expert, Tom Standage, joins the board as a non-executive director. Channel 4 is largest investor in the business.
Separately Jonathan Rudd, television director and film editor, joins Parable as partner and creative director.
Stephen Lambert, chair of Parable said: “Virtual reality is the most exciting technological media development of the next few years, but its success hangs or falls on creating great content. I know David and Nicky well and I have no doubt they will quickly establish themselves as a leading global supplier of engaging innovative VR content, which is why I'm delighted to be involved in this new business as its non-exec chairman."